Channel 4 intends to become a digital-first public service streamer by 2030, unveiling a five-point strategy named ‘Fast Forward’ to oversee the transition.
The announcement follows news of two high-profile departures from the broadcaster, with CMO Zaid Al-Qassab and chief product officer Dave Cameron earlier today.
The exits come as it emerged that Channel 4 was set to axe close to 250 roles after a steep dowturn in the broadcast advertising market.
Broken down across three key pillars, its Fast Forward strategy will primarily involve the adoption of a digital-first commissioning strategy in a bid to attract younger viewers across a more diverse range of mediums.
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Channel 4 CEO Alex Mahon said: “Channel 4 was designed to be ahead of the curve and has never stood still. The rate of change in our market is only speeding up. Our new strategy will accelerate our digital transformation, so Channel 4 remains a trusted, disruptive and distinctive brand into the 2030s, offering brilliant shows that people love and that matter.
“While getting ourselves into the right shape for the future is without doubt the right action to take, it does involve making difficult decisions. But the reality of the rapid downshift in the UK economy and advertising market demand that we must change structurally. As we shift our centre of gravity from linear to digital our proposals will focus cost reductions on legacy activity.”
This will be supported by a diversification of revenue streams around intellectual property ownership, which will include the development of a “double-digit million ecommerce business by 2030 to allow viewers to interact and purchase products through digital platforms”.
More dramatically, the plan will be underpinned by Channel 4’s plans to cut its overall workforce by 18%, with around 200 redundancies and the closure of approximately 40 unfilled roles. The broadcaster is also set to move out of its historic London base.
